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4 Types of Business Financing in the Philippines: What to Choose Besides Government Loans

Money is the lifeblood of a business and sometimes you don’t have enough capital to start up a business. Hence, business financing was raised as a funding option for business owners. There are several types of business financing available from government loans to bank loans. It is worth noting that each type of financing has its advantages and disadvantages.

With that being said, business owners must heavily manage cash flow to ensure a fast return on investment (ROI). Some of the expense items as you start out include:

  • Supplies and inventory while waiting to get paid
  • Payroll and rent
  • Equipment and fixtures
  • Buying the business

This list can be overwhelming, but fear not, because there are a variety of options and techniques that you can use in your search for financial assistance for your business.

Learn how to find, negotiate and maintain sources of funding to help you start and grow your business.

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What If I Failed to Apply an Online Loan and How to Find Quick Loans

With the pandemic, it can be challenging to find sources of income. It also seems to be much more challenging to borrow money. In many cases, we seek out help from family or friends, but despite good intentions, this can often lead to uncomfortable situations. As a result, quick loans are becoming increasingly popular among people.

Read more to learn about tips on how to apply for online, quick loans.

Decide how much to borrow

You have to keep in mind that when you borrow money, you also have to pay for the interest. Ensure that you can afford the payments on the amount you do borrow.

Think through and check if borrowing is necessary. Are you borrowing for the education of your children or simply to avail the latest phone? Overextending yourself financially is the worst thing you can do if it would have been better to wait for your finances to improve. 

Check your local banks

Looking up the local banks online is the easiest way for you to land online loans. Once you have familiarized yourself with the existing local banks, view their website and the types of loans they are offering. You must also consider other factors, including the interest rate, repayment terms, collateral and guarantor requirements, approval time, and income requirements. Furthermore, read the terms and conditions for you to fully grasp the type of loan you are committing yourself to.

Prepare requirements

As you decide on the bank where you will apply for quick loans, you need to take into account the eligibility requirements. Aside from looking at the interest rate, you wouldn’t want to be hassled with getting various requirements especially if you immediately need the money.

Different types of loans have varying eligibility requirements. Hence, you must properly read all terms of the bank. There are some that will require you to go to the physical bank while for some, the whole process can be done virtually.
With online quick loans, borrowers have more options than ever before, thanks to the convenience and ease of online lending. Even if you have bad credit, these sites offer the easiest way to get a loan online.

By following the above-listed steps and doing your due diligence in researching, you will be able to find the right quick loans for you.

In the case that you are not eligible for any quick loans from your local banks or your application was denied, you may opt to check out these options:

Use collateral

Try to identify the reason why your loan application was denied and offer to pledge something of equal or greater value than the loan amount to help secure the loan. This might help for your quick loans to get approved. However, you have to remember that this is going to be a big loss on your end if you fail to return the borrowed money.

Family loans

If all else fails, you can bypass the traditional lending requirements by borrowing from your relatives. The best way to do this is by creating a loan agreement. Despite being related by blood, it’s best to see all terms on paper and not just through a verbal agreement. As mentioned above, the downside of this is that it can potentially ruin relationships in the event that you can’t repay the loan.

Grants and Scholarships

If the quick loans you are applying for are education-related, consider applying for grants and scholarships. Similarly, if you need funding for your business, check for grant programs in your local government.

Crowdfunding

Apart from the above-mentioned options, we’ve recommended in this guide, one of the best and most trusted available options for you to raise money for whatever you need is by using crowdfunding platforms.

Instead of applying for quick loans, you may create a project on any of the available crowdfunding websites. You just have to ensure that it provides support in your county. One of the available crowdfunding platforms that offer support to almost 200 countries is Airfunding.

A proof of how crowdfunding platforms work is the story of Mariz. Mariz created a project to raise funds for her Mama Leony’s hospital expenses. At the time of posting the project, Mama Leony was in the hospital for more than a month with a running bill of 2.3 million pesos. By the end of the project, their family was able to raise ₱76,990.50.

Start with Airfunding now! 

Other Articles

  1. What to do if your family need financial help
  2. How can I raise money: Best Crowdfunding site – Airfunding

GoGetFunding Pros & Cons: 5 Best Crowdfunding Sites for Phillippines

Several crowdfunding platforms are available online, making it difficult to decide which to use. In fact, according to Fundera’s 2021 report, there were 6,455,080 worldwide crowdfunding campaigns last year. All of these campaigns were published on different platforms with varying aims and audiences. GoGetFunding is one of the popular crowdfunding platforms in the Philippines.

GoGetFunding
GoGetFunding

Learn more about GoGetFunding and other crowdfunding sites which you can check that best suit your needs and aim.

There are always pros and cons to any crowdfunding platform. Take for example GoGetFunding. Listed below are some of its pros followed by some lacking features that you might probably find on other crowdfunding platforms.

Pros of GoGetFunding

Easy To Use Platform

The GoGetFunding platform makes it easy for people to fulfill their dreams and claims to help them start in just ten (10) minutes. By registering and connecting your PayPal or bank account to GoGetFunding, users will have instant access to GoGetFunding’s website, which makes fundraising for anyone who wants some help very easy!

Best for Entrepreneurs

If you have a business pitch or idea, GoGetFunding is the best platform for you especially since they have an assigned personal fundraising coach. Your vision will surely be turned into reality with the help of a coach. It is worth noting though that you can still use the platform for other types of fundraisers like medical, volunteering, relief operations, and many more.

Cons of GoGetFunding

Limited currency support

As of the moment, GoGetFunding only supports 23 currencies: U.S. Dollar, British Pound, Canadian Dollar, Euro, Japanese Yen, Australian Dollar, New Zealand Dollar, Swiss Franc, Hong Kong Dollar, Singapore Dollar, Swedish Krona, Danish Krone, Polish Zloty, Norwegian Krone, Hungarian Forint, Czech Koruna, Israeli New Shekel, Mexican Peso, Philippine Peso, New Taiwan Dollar, Thai Baht, and South African ZAR (conditions apply).

It can be quite challenging for other countries to support your cause if their currency is not supported.

Alternatives to GoGetFunding

Indiegogo

If you are finding another platform that is best for creatives and entrepreneurs, Indiegogo is your best bet. With Indiegogo, people may support entrepreneurs and new technology from the earliest stages of development. With every campaign, people may choose to contribute at a level they can afford.

Kickstarter

Similar to Indiegogo, Kickstarter is banking on creativity. It is a global crowdfunding platform based in Brooklyn with a mission to “help bring creative projects to life”. The odds are that 9 out of 10 campaigns that accomplish a 25% funding level at some point will actually hit or exceed their funding goal, regardless of official numbers. With these figures, Kickstarter is quite known for having meticulous standards for its campaign and successful campaigns must pay a fee back to Kickstarter.

Gava

Gava is a crowdfunding platform with over 21K total donors and 100 live campaigns since 2016. A noteworthy feature of Gava is that donations are transparent, secure, and traceable thanks to its integration with blockchain technology.

Blend.Ph

If you wish to raise a specific amount of money in a short amount of time, you may opt to apply for a loan at Blend.Ph. Blend.Ph is an online P2P platform for personal, franchise, salary, and other types of loans. The only downside for this is that you will have to think of returning the borrowed money after the launch of your project.

Airfunding

On top of these existing crowdfunding platforms, Airfunding can be your option since it caters to the Philippines as well. On top of this, it is not only limited to a specific niche. You may create a project for any cause – medical, disaster, personal, community, study abroad, animals, or even COVID-19 relief.

Furthermore, you can easily open a project. There are no fees to open a project in Airfunding. It only takes 5 mins to set your target amount and completion date, and then set an image and project title that best describes your situation. There are no hard to fill out and to fulfill requirements.

You may start your crowdfunding journey by creating your project here.

How can I raise money: Best Crowdfunding site – Airfunding

There are several crowdfunding sites and platforms where you can raise money and it can be overwhelming to decide which one to choose. In fact, the crowdfunding market is projected to grow by 13.86% in 2021 (Technavio, 2021). With this growth, there will be more crowdfunding platforms that will rise and you have to set standards on which one you’re going to select as you raise money.

One of the existing crowdfunding platforms is Airfunding which can be your bet because of its beneficiary-friendly features. Read more on why you should choose Airfunding as your platform for your next project.

Credibility 

Airfunding was launched in November 2018 by Kihetai Inc. and has supported 76,000 projects. This is a testament of how several project owners trusted the platform.

One of the successful projects which proves the credibility of Airfunding is Justine Nancieno’s call for help for Louisa’s dialysis. Justine, based in the Philippines, set $3,000 as the aimed fund. After the campaign period, there were 25 people who shared the campaign and raised a total of $3,136.  The collected amount was directly given to Louisa’s family. 

Imagine the stories behind the rest of the 76,000 completed projects. These were made possible because of the trusted reputation of Airfunding.


Global Support

Airfunding is a unique crowdfunding platform used by more than 200 countries to raise money. The company is located in Japan and Malaysia, but this platform is open for the use of various countries. 

Furthermore, your project will be translated to 17 different languages. You may also be assisted by our staff who can speak in English, Spanish, Indonesian, Russian, etc. With this kind of support, your project is given leverage with its wider reach.

Apart from this, your project will be introduced in AirTripp, a global social networking site used by 10 million people from 200 countries. This will further extend the reach of your project, increasing the chances to receive greater support from people around the world.


Free Registration

Airfunding is very friendly to project managers as they can register for free without any platform fee. You just have to register, set a goal amount and deadline, add pictures, and explain what you are raising funds for. Another winning element in Airfunding is that you can open multiple projects at the same time. Not all crowdfunding platforms allow this.


Easy Withdrawing of Funds

Aside from the benefit of creating projects without paying platform fees, you can easily request your collected funds even if your project has not ended. If you wish to complete the collection until the end of your project, you can opt for that and you will receive all of your collected funds.

It takes only about 1 to 2 weeks from your request to the delivery of the collected amount.


Inclusive

Airfunding supports ideas and causes of a variety. Projects are categorized as COVID-19 relief, Medical, Disaster, Family, Community, Immigration, Education, Art, Business, Study abroad, Travel, Animals, and Other.

Aside from all the above-mentioned features, the success stories themselves are more than enough for you to choose Airfunding as you raise money for your idea, project, or cause. Another successful project from the Philippines was Team IMPACK’s Typhoon Rolly Relief Fund which collected a total of $1,500. The beneficiaries of this project are the neighboring areas of Antipolo Old, Nabua and Camarines Sur, Bicol who were severely affected by Typhoon Rolly. The collected money was allocated for their basic essentials , food, relief, and labor to rebuild their homes.

Carry out your own crowdfunding success in as easy as 5 minutes by clicking here.

GoFundMe Alternatives: 5 Best Crowdfunding Sites for Philippines

Everything is digital. Raising money isn’t an exception to this, for you can raise funds for your non-profit cause, charity, startup business, or personal needs online with the help of crowdfunding platforms. To date, there are 1,478 crowdfunding organizations in the US alone based on the 2021 Crunchbase report. On top of this, it is projected that the crowdfunding market will grow by 13.86% this 2021, with a majority of the growth coming from the Asia Pacific region (Technavio, 2021).

The said figures are no surprise since various crowdfunding platforms provide convenience and ease of use that individuals and organizations really turn to for their project, idea, or cause.

With a wide array of options, it can get confusing to identify which crowdfunding platform best suits your need.

GoFundMe

GoFundMe Crowdfunding Site

One of the known existing crowdfunding platforms is GoFundMe, a versatile platform with a track record of success of more than $10 billion raised last 2020 from over 150 million donations supporting individuals, causes, and organizations, as reported in a Businesswire article. People prefer using GoFundMe over other platforms due to its trusted reputation. In addition to this, there is no platform fee which makes it easier for individuals or organizations to reach their target funds quickly. However, this success and simplicity of GoFundMe as a crowdfunding platform aren’t accessible to Filipino users.

The only way to go about this dilemma is to find a crowdfunding platform supported here in the Philippines. There are several options available with varying niches: (1) Indiegogo, (2) The Spark Project, (3) Cropital, (4) Gava, and (5) Airfunding.

Indiegogo and The Spark Project

Indiegogo and The Spark Project are some of the known crowdfunding platforms for

creative innovations. These platforms would have charges regardless if your goal were achieved or not. It is worth noting that supporters get to experience the products or services being promoted in exchange for their monetary support.

Cropital

Cropital Crowdfunding Site

Cropital is a game-changer platform that provides a source of income for farm owners while giving gains also to investors or supporters. The funds directly go to the farmers, but Cropital charges a 5% service fee for the investors. 

Gava

Gava Crowdfunding Site

Gava is one of the leading portals for social and charitable causes, with over 4,000 funded and 100 live campaigns supported by 21,000 donors. This platform is integrated with blockchain technology, allowing donations from anywhere, making it accessible even in the Philippines.

Airfunding

Airfunding Crowdfunding Site

Whether you’re an entrepreneur, a project manager, or a student in need of funds, Airfunding is your best alternative to GoFundMe if you reside in the Philippines. True to its tagline, “Helping everyone, with everyone,” this crowdfunding platform is accessible to Filipinos with more than 200,000 projects in over 200 countries. In fact, there are several live projects in the Philippines that are posted, such as Rescue Philippines: Help for the victims of typhoon Rolly & Ulysses.

You have a great reach with Airfunding since the project description will be translated into 17 different languages, allowing the collection of funds from people around the world including Philippines.

In terms of the collection of funds, individuals or organizations may request the collected funds even if the target fund hasn’t been reached yet. This is what sets Airfunding apart from other crowdfunding platforms since not all platforms allow the withdrawal of funds easily, but with Airfunding, the collection of funds is a breeze. Additionally, you can easily open a project in 5 minutes by simply following the steps listed here.

As you choose your alternative crowdfunding platform to GoFundMe, bear in mind the length of your project, your purpose, its base here in the Philippines, and your target fund. 

Start with Airfunding now!